Viking Fund Management buys $24,246,600 stake in Superior Energy Services (SPN)

Superior Energy Services (SPN) : Viking Fund Management scooped up 70,000 additional shares in Superior Energy Services during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 21, 2016. The investment management firm now holds a total of 1,380,000 shares of Superior Energy Services which is valued at $24,246,600.Superior Energy Services makes up approximately 4.20% of Viking Fund Management’s portfolio.

Other Hedge Funds, Including , Checchi Capital Advisers boosted its stake in SPN in the latest quarter, The investment management firm added 359 additional shares and now holds a total of 1,645 shares of Superior Energy Services which is valued at $28,903. Superior Energy Services makes up approx 0.01% of Checchi Capital Advisers’s portfolio. Trust Co Of Vermont added SPN to its portfolio by purchasing 135 company shares during the most recent quarter which is valued at $2,434.Ferguson Wellman Capital Management Inc reduced its stake in SPN by selling 28,901 shares or 1.61% in the most recent quarter. The Hedge Fund company now holds 1,762,659 shares of SPN which is valued at $31,798,368. Superior Energy Services makes up approx 1.29% of Ferguson Wellman Capital Management Inc’s portfolio.Gw&k Investment Management boosted its stake in SPN in the latest quarter, The investment management firm added 51,530 additional shares and now holds a total of 338,285 shares of Superior Energy Services which is valued at $6,129,724. Superior Energy Services makes up approx 0.12% of Gw&k Investment Management’s portfolio.Washington Trust Bank boosted its stake in SPN in the latest quarter, The investment management firm added 700 additional shares and now holds a total of 9,800 shares of Superior Energy Services which is valued at $178,752. Superior Energy Services makes up approx 0.05% of Washington Trust Bank’s portfolio.

Superior Energy Services closed down -0.41 points or -2.51% at $15.91 with 28,44,293 shares getting traded on Thursday. Post opening the session at $16.24, the shares hit an intraday low of $15.79 and an intraday high of $16.62 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Superior Energy Services reported $-0.53 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 25, 2016. Analyst had a consensus of $-0.57. The company had revenue of $356.30 million for the quarter, compared to analysts expectations of $365.86 million. The company’s revenue was down -49.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.31 EPS.

Many Wall Street Analysts have commented on Superior Energy Services. Shares were Reiterated by Scotia Howard Weil on Jul 27, 2016 to “Focus Stock” and Lowered the Price Target to $ 25 from a previous price target of $27 .Superior Energy Services was Initiated by Macquarie to “Neutral” on Jul 15, 2016. Company shares were Upgraded by Imperial Capital on Jul 15, 2016 to ” Outperform”, Firm has raised the Price Target to $ 23 from a previous price target of $15 .

Superior Energy Services Inc. is engaged in exploration development and production of oil and natural gas. The Company serves national and independent oil and natural gas companies around the world. Its segments include Drilling Products and Services Onshore Completion and Workover Services Production Services and Technical Solutions. The Drilling Products and Services segment includes downhole drilling tools and surface rentals. The Onshore Completion and Workover Services segment includes pressure pumping fluid handling and workover and maintenance services. The Production Services segment includes intervention services and specialized pressure-control tools used for pressure control and intervention operations. The Technical Solutions segment includes products and services that address customer-specific needs with their applications for specialized engineering manufacturing or project planning.

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